Permanent magnet motors may have high efficiency, making them potentially suitable for use in traction motors for hybrid and electric vehicles. The design and choice of the permanent magnet is important in this type of motor. Rare-earth permanent magnets, such as neodymium (Nd) magnets, are often used in the traction motors in electric vehicles due to their high flux density and high anti-demagnetizing ability compared with traditional non-rare-earth magnets, such as alnico (iron alloys including aluminum, nickel, and cobalt) and ferrite. However, rare-earth permanent magnets may contain a large amount of rare-earth elements (e.g., at least 30 wt % in some commercial magnets), which makes the magnets expensive. In addition, to ensure the high-temperature operation of permanent magnet in the transmission environment of vehicles, about 10 wt % heavy rare-earth (HRE) elements, such as dysprosium (Dy) and terbium (Tb), may need to be added into neodymium magnetic alloys. This makes the magnets even more expensive, since the price of Dy and Tb may be about ten times higher than that of neodymium.